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PART TWO
OAPEC Activities in 2012
expertise and skills in the area of petroleum services, by establishing
companies, specialized in one or more areas of petroleum services.
APSCO’s capital was increased from Libyan Dinar 44million to Libyan
Dinars 49million by General Assembly Resolution No. 221/38/2010 issued
on 16 June 2010.
1. APSCO’s Activities in 2011
The company continued its activities bymonitoring the supporting the three
existing companies and studying future projects to participate in. It should be
noted that the joint venture with Weatherford for establishing a joint venture
under the name Arab Oil Fields Development Company was unsuccessful,
and is still under follow-up by the company’s management. Meanwhile, the
company made several contacts and held discussions with other companies
to establish joint ventures in line with the company’s objectives.
A number of meetings were held with Kuwait Energy and Synergy
companies to agree on establishing a joint venture in the area of geological
studies. Negotiations are still under way to sign a memorandum of
understanding (MOU) and to complete the incorporation procedures in the
forthcoming period.
Moreover, several meetings were held with Schlumberger and
Stern Geco, and contacts are continuing to find a suitable format for
partnership. The company decided to focus on improving and upgrading
the performance of its current companies: Arab Drilling and Workover
Company (ADWOC), Arab Well Logging Company (AWLCO), and Arab
Geophysical Exploration Services Company (AGESCO), expand through
those companies, and study the opening of branches in the member
countries.
2. Financial Results for 2011
APSCO’s net loss for 2011 amounted to Libyan Dinars 469,429, net
of total expenses of Libyan Dinars 2,449,437 from the amounts received
as interest on the deposit of Libyan Dinars 104,806, and adjustments for
